BEIJING, January 15 (TMTPOST)— Under the guidance of the financial regulators, Alibaba’s fintech unit Ant Group has formed a working group for rectification and wasted no time in setting a timetable to rectify businesses following regulatory requirements, said Chen Yulu, Vice Governor of People’s Bank of China (PBoC), on Friday. In the meantime, Ant will keep consistency of businesses and normal operations to ensure quality financial services to the public, while regulators, maintaining close communication with Ant, will disclose relevant progress in time, Chen added.
In the end of December, more than a month after Chinese regulators abruptly suspended Ant’s IPO, PBoC and other three financial regulators ordered Ant to restructure its operations on credit, insurance and wealth management and comply with regulatory requirements. The China Banking and Insurance Regulatory Commission (CBIRC) suggested that all the internet platforms should carry out self-examination, with Ant’s case as evaluation reference, and rectify their businesses as soon as possible.